ASX Rallies as EU-US Trade Deal Sparks Telecom and Banking Surge | All Ordinaries Pulse

2 min read | July 28, 2025 06:02 PM AEST | By Team Kalkine Media

ASX Rallies as EU-US Trade Deal Sparks Telecom and Banking Surge | All Ordinaries Pulse — Image source: shutterstock

Telecom and Tech Stocks Take the Lead

Telecom companies were among the strongest performers on the ASX. Their stability and essential nature have often made them appealing during times of geopolitical uncertainty. Technology shares also joined the rally, supported by renewed confidence in global trade clarity.

The shift in sentiment comes after a tense lead-up to the US tariff deadline. The trade deal has provided welcome relief to sectors exposed to international supply chains, with semiconductor components and related tech segments particularly benefiting from reduced trade barriers.

Banking Sector Breaks Bearish Streak

Australia’s leading financial institutions staged a modest recovery. After a period of downward pressure, banking stocks rebounded in sync with improved global sentiment.

Commonwealth Bank (ASX:CBA) emerged as a frontrunner, while National Australia Bank (ASX:NAB), Westpac (ASX:WBC), and Australia and New Zealand Banking Group (ASX:ANZ) also recorded positive momentum. The banking sector’s performance marked a turnaround from recent declines, helping lift financial indices.

Uranium Miners Slide Despite Broader Gains

While the broader market enjoyed a lift, uranium stocks moved sharply lower. Boss Energy (ASX:BOE) recorded a significant drop after market-moving developments, which appeared to weigh down sentiment across the uranium space.

Bannerman Energy (ASX:BMN), Deep Yellow (ASX:DYL), and Lotus Resources (ASX:LOT) also faced declines, highlighting the volatility within the mining sector despite broader ASX strength.

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